KARACHI: The State Bank of Pakistan (SBP), initiating the process for designing and issuing a new banknotes series of all existing denominations, has said that the complete process of new currency notes will take at least 2 years.
It is an established practice of central banks to introduce new banknote series after every fifteen to twenty years to secure the integrity of banknotes and align them with the latest technological developments in the banknotes design and security features.
As part of the initial process of designing the new banknote series, the SBP is organising an Art Competition to have innovative and thematic design ideas for the new banknote series. The local artists, designers and art students can send their designs to SBP by 11th March 2024.
The top three designs for each of the existing seven denominations will be recognised and awarded cash prizes.
The design ideas and themes finalised after the Art Competition will be shared with the reputed professional banknote designers to be selected through a competitive process for developing the final printable designs for each denomination.
The final designs will be submitted to the federal government for approval. The process of issuance of new banknote series involves a number of steps and stages and thus requires meticulous planning and coordination amongst multiple stakeholders. Generally, it takes 2 to 3 years to launch a new banknote series; however, the SBP intends to complete the process within the next 2 years.
The existing banknote series will remain in circulation even after the issuance of new series. Any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities.
The local artists, designers and art students/ designers are eligible to participate in the Art Competition. The participants may develop the designs on the themes, including but not limited to, social and cultural identities, demographic diversity, climate change and environment protection, economic development, natural landscapes, architectural heritage and national symbols.
The artists are expected to come up with novel designs and ideas. The designs should be submitted to Director, Finance Department, State Bank of Pakistan, I I Chundrigar Road, Karachi, by 11th March 2024.
The Art Competition will be conducted under the terms and conditions announced by SBP. The Participants can share design of all the seven (07) existing denominations (Rs. 10, 20, 50, 100, 500, 1000 and 5000) or fewer denominations based on their choice.
Design for each banknote shall be presented in hard copy on white paper along with a write-up of not more than hundred words in English or Urdu, explaining the design and its theme.
The colours of each banknote denomination should be unique and easily distinguishable.
A Jury comprising reputed artists will evaluate the designs and recommend the top six (06) designs for each denomination to the SBP for picking the top 3 designs of each denomination.
The first, second and third designs of each denomination will be given the prize of Rs.1,000,000/-, Rs.500,000/- and Rs.300,000/-, respectively.
The participants shall ensure that their submitted designs are free from any copyright claims and/or any liabilities.
The members of the Jury, SBP and its subsidiaries employees and their family members shall not be eligible to participate in the Art Competition.
The designs submitted in the Art Competition will be sole property of the SBP and the SBP will be at liberty to share the design or any modification thereof with the banknote designers for the purpose of banknotes designing, without any extra compensation.
Copyright Business Recorder, 2024
Comments
Comments are closed.